Changes to option to tax for land and property owners

HM Revenue & Customs (HMRC) has consulted on proposed changes to the way it deals with the notification of options to tax (OTTs) over land and property. It has now issued Revenue & Customs Brief 1 (2023) to announce implementation of its proposed changes from 1 February 2023. This FAQ addresses some of the common […]

Self Assessment tax return tips

With the Self Assessment tax return filing deadline looming fast, here are some practical hints and tips to help you when completing and submitting your tax return. Don’t delay Although completing your tax return is never going to be the most exciting job on your to-do list, don’t leave it to the last minute as […]

HMRC Self Assessment repayment claim verification letters

Where an individual is due a repayment of tax following the submission of their Self Assessment tax return, HM Revenue & Customs (HMRC) may undertake checks to ensure the claim is genuine. As part of these checks, HMRC may send the taxpayer a letter asking them to confirm their identity, which they must do by […]

Reminder for land and rural businesses to report their seasonal income

In the run up to Christmas, Saffery is reminding farmers, landowners and rural businesses to remember the tax implications of moving into other seasonal activities connected with, but not necessarily directly related to their main business activity. Examples might include: Letting land for seasonal attractions. Staging a Christmas market. Selling Christmas trees, holly, logs and […]

Charity Commission update on investment guidance for trustees

On 15 November 2022, the Charity Commission published an update on its investment guidance following the Butler-Sloss case, which concluded earlier this year. The Commission explained that it supports the following principles included in the case judgement: Trustees are required to formulate an appropriate investment policy that is in the best interest of the charity […]